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Four of Barclays’ top executives – including Bob Diamond and Rich Ricci – have pledged to give up their bonuses for this year after the UK bank accumulated more $450m of penalties for its role in the setting of Libor and its European equivalent.

The UK's Financial Services Authority today fined Barclays £59.5m, or $92.8m, following an investigation into misconduct relating to the setting of the Libor and Euro Interbank Offered Rate, or Euribor.

Barclays has also received similar penalties from two US authorities, the US Commodity Futures Trading Commission and US Department of Justice, taking the total penalty up to more than $450m.

The FSA today said it had fined Barclays for significant failings related to the Libor and Euribor, in what is its largest fine ever.

According to the regulator's statement, Barclays' offences encompassed a number of issues, involved a significant number of employees, and occurred over a number of years.

These include having Barclays' interest rate derivatives trader influence submissions which formed part of the Libor and Euribor setting process, and seeking to influence the Euribor submissions of rival banks which contributed to the rate setting process.

Tracey McDermott, acting director of enforcement and financial crime, said: “Barclays’ misconduct was serious, widespread and extended over a number of years. The integrity of benchmark reference rates such as Libor and Euribor is of fundamental importance to both UK and international financial markets. Firms making submissions must not use those submissions as tools to promote their own interests.”

Barclays co-operated fully with the FSA's investigation and settled at an early stage, thus qualifying for a 30% discount. With this discount, Barclays would have been fined £85m.

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In addition to the FSA fine, the US Commodity Futures Trading Commission and US Department of Justice have imposed penalties of $200m and $160m respectively, taking the total fine to $452.8m.

Barclays chief executive Bob Diamond said in a statement: "The events which gave rise to today’s resolutions relate to past actions which fell well short of the standards to which Barclays aspires in the conduct of its business."

He added that as a result of the investigation's findings, he would, along with group finance director Chris Lucas, new chief operating officer Jerry del Missier and corporate and investment banking chief Rich Ricci, had "voluntarily agreed with the Board to forgo any consideration for an annual bonus this year.”

Further fines are expected against other banks, with McDermott stressing that the regulator continued to pursue a number of significant cross-border investigations in this area.

She said: "The action we have taken against Barclays should leave firms in no doubt about the serious consequences of this type of failure."

A CFTC official said the US regulator has jurisdiction in this case because interest rates are regarded as commodities. He said: “The $200m penalty is the most significant penalty we have ever imposed but is warranted given the gravity of the charges.”

The CFTC declined to comment on whether it was investigating other banks for attempting to manipulate Libor or whether individuals at Barclays would face further charges.

The Department of Justice said in its statement: "The criminal investigation into the manipulation of Libor and Euribor by other financial institutions and individuals is ongoing. The agreement requires Barclays to continue cooperating with the department in its ongoing investigation."

The DoJ also said that due to Barclays’ admission of its misconduct, its "extraordinary"cooperation, and its remediation efforts the department agreed not to prosecute the bank provided that it satisfies its ongoing obligations under the agreement for two years.

The statement said: "The non-prosecution agreement applies only to Barclays and not to any employees or officers of Barclays or any other individuals."